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February 4, 2013
11:46 EDTCYBXCyberonics rallies after former employee drops lawsuit
Cyberonics (CYBX), which develops nerve stimulation devices that are supposed to combat epilepsy and depression, is rising after former employee Andrew Hagerty dropped his lawsuit against the company on February 2. Hagerty, a former sales representative at Cyberonics, had alleged that he was improperly fired by the company, Jefferies analyst Raj Denhoy wrote in a note to investors earlier today. Moreover, Hagerty stated that Cyberonics had committed significant "broad-based improprieties," according to Denhoy. Hagerty alleged that Cyberonics had systematically committed fraud by coercing surgeons to prematurely remove the batteries from Cyberonics devices implanted in patients, short-selling blog TheStreetSweeper reported last month. Hagerty's decision to terminate the lawsuit removes an overhang from Cyberonics shares, wrote Jefferies' Denhoy, who reiterated a Buy rating on the stock. In late morning trading, Cyberonics jumped $4.37, or 10%, to $48.72.
News For CYBX From The Last 14 Days
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June 25, 2015
09:05 EDTCYBXSorin, Cyberonics say name of combined company will be LivaNova
Sorin and Cyberonics unveiled LivaNova as the name of their combined company, effective at the close of their proposed merger. The name was chosen through a comprehensive market research process, including participation by employees of both companies worldwide, which produced several thousand proposed names. LivaNova will operate as three business units: Cardiac Surgery, Cardiac Rhythm Management and Neuromodulation, with operating headquarters in Mirandola, Clamart and Houston, respectively. The company will have a presence in over 100 countries around the world with approximately 4,500 employees. Until the closing of the transaction, both companies will continue to operate separately under their current brand names and leadership structures. As previously announced, the transaction is expected to be completed by the end of the third calendar quarter of 2015 and is subject to approval by Cyberonics' stockholders, the receipt of required regulatory clearances, and other customary closing conditions. The cross-border merger of Sorin with and into Livanova plc, the new company that was formed to acquire both Cyberonics and Sorin as part of the proposed merger, was approved by Sorin's shareholders at its extraordinary shareholders' meeting held on May 26, 2015.

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